OctaFX Forex Broker Review
Let’s start with OctaFX forex broker review 2020 and see how OctaFX trading compares with trading at other forex brokers online.
Who Runs OctaFX App & Website
Doing an octafx forex broker evaluation, we found out the following.
Group of companies own OctaFX website and Octafx app that was launched in 2011.
The Company’s legal and correspondence address is Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines.
CySEC license number: 372/18.
Org name: Octa Markets Incorporated
Reg no. 19776 IBC 2011
Contact: +34 691 370 613
Traders can trade with octafx mt4 both on a live metatrader4 account, as well as try Octafx demo trading.
Is OctaFX A Good Broker
Question like is octafx a good broker can easily be answered by checking few review sites or forums.
So far reviews on various sites like TrustPilot give them overall a positive rating.
OctaFX is an ECN/STP broker that provides ultra-fast market execution under 0.1 second and incredibly low spreads starting from 0.4 pips. They process deposits and withdrawals through different facilities with absolutely no fees applied.
OctaFX Customer Support
The Support Department operators are ready to assist you 24/5 in English, Indonesian, Malaysian, Hindi, Thai and Urdu via Live Chat, e-mail, phone, and WhatsApp.
List Of Banned Countries
OctaFX doesn’t accept clients from Belarus, Myanmar, Cuba, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syria, United Kingdom and the United States.
Octafx Deposit Bonus
Yes, octafx deposit bonus of 50% is available for all their clients.
Not only deposit bonus but octafx promotions also include having your trade margin increased to leverage of 500:1 and letting you withdraw your bonus funds and automatic payouts of your bonus.
Octafx Deposit Methods
Here is where OctaFX really shines compared to other online forex brokers.
In order to reduce transaction fees, they decided to accept also Perfect Money and Bitcoin as octafx deposit and withdrawal methods.
Because they save on transaction fees, they can offer their clients lower spreads and let you trade with octafx live account with only a $5 deposit.
Octafx accepts deposits via Visa/MasterCard, Skrill, Neteller, China UnionPay (for Chinese clients), FasaPay (for clients from Indonesia), PayTM, and also provide local banks facilities (for clients from Indonesia, Malaysia, Pakistan, India, Thailand, Nigeria and South Africa).
OctaFX Promotions And Offers
To reward their client’s loyalty, OctaFX offers very generous bonuses and promotional programmes.
Both MetaTrader 4/5 and cTrader accounts qualify for a fully withdrawable deposit bonus of 10%, 30% or 50%
Champion Demo Contest
cTrader Weekly Demo contest
Trade-and-win Loyalty program
OctaFX Account Types
3 different octafx account types are offered.
There’re MT4 Micro, MT5 PRO and cTrader ECN accounts in USD and EUR. In accordance with international regulation standards, OctaFX uses separate accounts to keep customers’ funds segregated from the company’s balance sheets.
Micro account type allows you to start trading on an octafx live account with as little as 0.01 lot.
With Octafx leverage up to 500x to open a live trade for 0.01 lot on forex pairs, you would only risk $2 on such a live trade.
We all know that you can do octafx demo trading but trading live is totally new level of discovering your emotions when you have real money on the line.
By trading live with as little as risking only $2, Octafx live trading allows you to discover what kind of a trader you are when you trade live money.
OctaFX Copy Trading App
This may be one of the coolest features offered by OctaFX.
Copy trading allows you to copy trades of profitable pro traders to increase size of your Octafx trading account balance.
And if you are a successful trader, then you can earn extra money by signing up as a master trader that others copy. More people that copy your trades, more extra money you earn from your profitable trades.
As a master trader you can earn commission of up to $15 per lot for every trader that copy your trades.
Example of a profit potential for a master trader
You as a Master trader open a gold forex trade XAUUSD for 1 lot.
100 copy traders follow you where each trader copies your trade and they also risk 1 lot each.
Total of lots traded from copy traders is then 100 lots.
If you charge octafx copy traders $15 per lot of commission, then you made $1,500 commission from your copy traders by opening only 1 trade.
Many master traders don’t even need to risk much money if they have a lot of copy traders.
You as a master trader could risk only $100 per trade but your copy traders combined could copy your trade with 100 lots.
In this case you as a master trader would make $1,500 in commission from copy traders – even if you only risked $100 per trade.
Octafx copy trading is a win-win for both copy traders (beginners in trading) as is for master traders (pro traders).
Is OctaFX Regulated
Yes, OctaFX is regulated by CySEC which is an EU financial regulator overlooking forex brokers.
Is My Money Safe With OctaFX Broker
CySEC forex brokers like OctaFX are required to have at least €750,000 in operating capital .
On top of that Cyprus FX broker is required to provide protection under the Investor Compensation Fund (ICF).
OctaFX clients can file a compensation claim for up to €20,000 by submitting an online compensation form at ICF website.
So yes, your money is safe with OctaFX forex broker.
Final Thoughts On OctaFX Broker
We are dealing with an innovative forex broker, that is:
- financially regulated,
- in business since 2011,
- received over 40 financial awards,
- allows both beginners and pro traders to earn extra money through their award winning copy trading platform,
- accepts alternative payment methods such as perfect money and bitcoin thus allowing you to receive your withdrawals superfast (within 1-3 hours).
Of course do your own due diligence – which applies for any other area of your life.
You can also read our Forex Brokers Reviews category to read the evaluation of all the forex brokers tested.
With this we complete OctaFX forex broker review and an analysis.